The company reported a $7.3 million loss for the quarter, compared to a $301,000 loss in the same quarter of 2017.

Revenue was $64 million, up 23% from the same period in 2017, but big increases in spending on research and development, sales and marketing and other operating costs led to the large quarterly loss. Page 19 details stock-based compensation for the quarter of $2.0 million and “Other expenses, net” of $3.4 million (compared to only $260,000 in 2017).

On Page 15 there is an interesting breakdown of where Upwork’s freelancers and clients live.

On Page 24 there is information about Upwork’s losses to fraud, which increased 76% year-on-year to $1.9 million.